A weaker yuan boosts local currency cash generation for China exporters of dollar-denominated commodities, potentially reducing financial pressure on Chinese producers of urea who last year accounted for 30 percent of global trade in the form of nitrogen fertilizer, Perrella and Miner said Tuesday.

“At worst, the devalued currency pressures the floor on global urea prices to below current estimates of $280 a metric ton and delays farmer restocking,” the analysts said.

China’s devaluation of the yuan sparked a chain reaction across global markets, weighing on equities, emerging markets and commodities amid concern that growth in the world’s second- largest economy is headed for a deeper slowdown.

Nitrogen fertilizer maker CF Industries Holdings Inc., which last week agreed to pay about $8 billion for North American and European assets of rival OCI NV, fell 6.2 percent to $57.20 at 1:44 p.m. in New York.